The holiday season is upon us, the sun has arrived, and it has never been a better time to lease out your property.
Our beautiful region is currently experiencing unprecedented demand, with everyone wanting to shift to the coast. This is great news for local landlords because the volume and quality of applications is extremely high. Meaning you will have a batch of strong applications to select from, you will see high rental returns and minimal (if any) vacancy periods. Hooray!
On top of this, leasing your property out during the sunny months has proven best time to ensure longevity of the tenancy. This is because every 12 months when your renewal rolls around it is summer, and tenants are more likely to want to stay to take advantage of the best season that your coastal property has to offer.
If you are thinking of putting your investment property up for rent over summer, now is the time to get the ball rolling. We see a dead spot of about three weeks over the Christmas and New Year’s period, during which no one is moving house. So, you ideally want to be placing your property on the market now, with the aim to have a tenant move in pre-Christmas. Or, if you need to prepare your property for lease, use your Christmas break to complete any maintenance/updates. This way you can start advertising for a tenant straight after New Year’s, as this is when a majority of people are looking to move and settle in before the school year.
There are a few things we would recommend doing, prior to advertising, in order to get the best result for your property. This includes tidying up the gardens, repainting the walls (a fresh coat of paint makes a huge difference to increase applicant interest), steam cleaning the carpets, and a general clean and freshen up.
This will position you to attract great applicants and produce the highest yield, without too much of an initial spend. Also keep in mind that these expenses are all tax deductible.
If you are considering leasing out your property and would like to learn more about the steps involved, give us a call at PropertyOwners and we can provide you with recommendations specific to your property and discuss how to best prepare your particular investment for lease. Contact PropertyOwners on (03) 5223 1657.